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California  + Retail  | 

Union Bank Plaza in DTLA Trading for $280M

RC Acquisitions, an affiliate of Vancouver, Canada-based Pacific Reach Properties, is reportedly buying Union Bank Plaza in DTLA from Newport Beach, CA-based KBS Real Estate Investment Trust II for $280 million. The 40-story office tower at 445 S. Figueroa St. encompasses roughly 627,000 square feet of space, including a two-level retail center, a two-acre landscaped outdoor plaza and a four-level parking structure.

The building is 82% occupied, primarily by Union Bank, which leases 375,000 square feet. KBS REIT II had acquired the asset from Hines for $208 million.

The property represented roughly 13.2% of KBS REIT II’s assets, and accounted for 17.8% of the total revenue for the six months ending on June 30, 2017.

Last month, Pacific Reach Properties acquired Sherman Plaza, a 99%-leased asset in Van Nuys for $61.9 million. It was its first U.S. office complex purchase.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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